According to statistics from the General Department of Customs, in August 2024, Vietnam’s export turnover of goods to Japan reached more than 2.27 billion USD, a month-on-month decrease of 1.6%; bringing the figure in the first eight months to 16.01 billion USD, a year-on-year increase of 4.8%.
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| Vietnam’s exports to Japan hit over 16 billion USD. (Photo: congthuong.vn) |
With a population of over 126 million people, Japan is a market with a large demand for imports and consumption of products such as fish and processed fish products, shrimp, eel, meat, meat products, soybeans, cereal products, fresh and processed vegetables, and coffee.
Meanwhile, Vietnam is considered a country with strengths in the above-mentioned products and has the ability to supply the Japanese market.
In August, garments and textiles topped Vietnam’s commodities export turnover to Japan with 453 million USD, a year-on-year rise of 7.3%. They were followed by means of transport and spare parts, nearly 278 million USD, a year-on-year increase of 7.9%; and the group of machinery, equipment, tools and spare parts, 250.6 million USD, a year-on-year rise of 12.1%.
In the first eight months of 2024, textile and garment export turnover in the market reached 2.74 billion USD, a year-on-year rise of 6.6%, accounting for 17.1%. Following was means of transport and spare parts, 1.95 billion USD, up 3.2%, accounting for 12.1%.
In addition, some items achieving export turnover growth in the eight months were computers, electronic products and components, 36.5%; coffee, 41.1%; fertilizers of all kinds, 350.1%; and glass and glass products, 73.3%.
Japan is a potential export market for Vietnam thanks to the preferential tariff advantages from the Free Trade Agreements (FTAs) between the two countries (four FTAs to date, including VJEPA, AJCEP, CPTPP and RCEP). However, Vietnam's export turnover to this country is still quite modest, accounting for only 6.6% of Vietnam’s total export turnover to the world in 2023./.